《大行報告》匯豐研究升潤啤(00291.HK)目標價至34元評級「持有」
匯豐研究發表報告表示,潤啤(00291.HK)今年上半年收益及純利按年升7%及24%,均高於該行預期,相信是調整產品組合、喜力中國業務整合及增值稅率下降等帶來推動。而公司上半年派息比率按年升2個百分點至21%,該行料全年派息比率將達40%。
該行認為,潤啤對喜力業務的整合是下半年的重點,因公司缺乏經營高端品牌的經驗及銷售渠道,故估計要需時去進行整合,兩品牌協同效應仍有待觀察。
該行預期潤啤未來銷量會進一步提升,而一次性開支會減少,上調其2019至2021年盈利預測11%至17%,且目標價由29.92元升至34元,維持「持有」評級。
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